BRIEF-Seadrill agrees contract extension for rig with Petrobras

* Has been awarded an 18-month contract extension for the
drillship West Tellus by Petrobras commencing in
April 2018 and securing work for the unit through the end of
October 2019.

* The total backlog for the contract extension is
approximately $164 million.

* As part of the agreement to extend the West Tellus,
Seadrill has agreed to a dayrate reduction on the current
contract effective from Feb. 26, 2016, resulting in a $132
million reduction in backlog.

* Net effect of this agreement is a $32 million increase in
backlog.

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Further company coverage:
(Reporting by Gwladys Fouche)